Credit, credit, credit

The big question on investors' minds is where we are in the credit cycle, according to one of the analysts. The possibility that there might be a recession on the way is the talk of Wall Street.

The energy sector has already taken a hammering, with high-yield markets showing signs of stress and big banks taking provisions in the fourth quarter on their energy loans.

The question now is whether that stress will spill over to the wider economy. Corporate balance sheets look surprisingly weak, according to one of the analysts, who said leverage ratios had risen and interest-coverage ratios had fallen.

That might not be a problem if the economy rides out the recent market volatility, but if a recession were to arrive, it could spell trouble.

Blockchain

Digital Asset Holdings, a blockchain startup led by former JPMorgan executive Blythe Masters, recently raised $50 million from a host of blue chip Wall Street and City names.YouTube/Columbia Business School

It seems barely a day goes by without a financial firm signaling an interest in blockchain, the protocol developed to underpin bitcoin.

In short, blockchain has the potential to reduce admin errors, costs, and settlement risk. For a slightly more detailed look at the potential for blockchain, I'd recommend reading this story by Oscar Williams-Grut.